Apple shares dive; rare revenue warning drags global markets

President Trump

The offer comes after Apple iPhone sales in China lost momentum in November, with shipments tanking 22.8% month-over-month and iPhone's market share dropping to 11.7%.

Apple's revised Q1 guidance forecast is dropping by up to $9 billion in revenue compared to its original estimate.

Cook said other factors will also pull down Apple's revenue, including the timing of its iPhone launches previous year and a strong dollar that means lower revenues when converted to U.S. currency.

Cook said the slowing in China's economy was made worse by "rising trade tensions with the United States". Apple's stock fell by nearly 8 percent after Chief Executive Officer Tim Cook wrote a letter to shareholders explaining that iPhone sales were well below what was forecast for the final months of 2018.

Sales of Apple's cheaper iPhone XR have also been a thorn in Apple's side since it hit stores in late October. The smart phone market has grown increasingly competitive in recent years, and consumers are less likely to trade in for newer models as the rates of advancement have slowed. In typical Trump style, the United States president somehow said that Apple's growth has been incredible since he came into power. Apple's shares were falling almost 10 percent.

Apple's shares fell by 10%, taking its value - which a year ago saw it become the first listed company to be worth more than $1tn - below $700bn.

Kader Khan designed courses in Islamic studies; Amitabh Bachchan pays tribute
Khan was suffering from a protracted illness and had been admitted to a hospital in Toronto a few months ago. Later, in films like Parvarish , Lootmaar and Qurbani among others, he would establish himself as a villain.

At the news conference, Trump also voiced his displeasure with Apple for making products in China, although he falsely asserted Apple CEO Tim Cook would soon change that.

Apple cut its revenue forecasts for the key end of year quarter late Wednesday, citing the unforeseen "magnitude" of the economic slowdown in China.

In the latest fiscal year, ended September 29, unit sales of the iPhone were essentially flat from the prior year, while iPhone revenue expanded 18 percent to $166.7 billion.

The tech giant has gone as far as assigning members of its marketing team to work full-time on boosting sales, and has upped the amount it is willing to pay for devices traded in toward the purchase of a new iPhone, according to a report earlier this month. That put Apple's market share in fifth place in the Chinese market. We knew this would create a hard compare for the first quarter of 2019, and this played out broadly in line with its expectations. FedEx Corp., Starbucks Corp., Tiffany & Co. and Daimler AG are also finding it harder to sell their wares in the world's second-largest economy.

Investor-rights law firm Bernstein Liebhard LLP announced Wednesday that it is "investigating potential securities fraud claims on behalf of shareholders of Apple Inc. resulting from allegations that Apple and/or its executives may have issued materially misleading business information to the investing public". Analysts had been expecting revenues of around $91bn, according to market analyst FactSet.

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